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Economic uncertainty grips global economy

The motive behind the economic crisis is to target Turkey; a fresh accusation of Recep Erdogan

Ankara: Turkish President, Recep Erdogan appealed to the Turkish people to courageously face the economic crisis saying, ‘If the Turkish people show any vulnerability or indicate that the situation is weak, the enemies of Turkey will attack the country like vultures. Some people think that the target of these attacks is Erdogan, but one must remember that the target for the enemy is Turkey itself.’

Europe working on payment system alternative to US dominated SWIFT & IMF, claims German FM Heiko Maas

Berlin: The internationally accepted secure and reliable systems SWIFT and International Monetary Fund (IMF) are both dominated by the United States. To end this United States domination of the financial systems, European countries are trying to develop alternative systems for SWIFT and Monetary Fund, claimed German Finance Minister Heiko Maas. Even last week, while speaking about the Iran nuclear deal, the German Finance Minister had appealed for creation of European Monitory Fund.

The Venezuelan immigrant influx is similar to the immigrants intruding into Europe, warns United Nations

Caracas: The United Nations has expressed fear that the condition in Venezuela, where a large number of citizens are fleeing the country because of the political and economic crisis, is similar to the immigrant crisis of Europe back in 2015. More than a million immigrants had entered Europe after the German Chancellor Angela Merkel opened the gates to it for the immigrants.

Washington: While Russia, Turkey and the European countries are increasing their Gold reserves, the silence maintained by China about its Gold reserves seems to be suspicious, as per claims. Over the last two years, China has not declared the status of its Gold reserves. At the same time, a Goldmine having the largest Gold reserves has been found in China, and the internal Gold demand is also rising. Therefore, the analysts have claimed that China is secretly adding to its Gold reserves.

Russia makes record investments in Gold to counter US sanctions, purchases of more than 26 tonnes in July

Moscow: Russia, who had alleged that the United States was using the US dollar like a weapon, is now preparing to use gold as a weapon. Russia has increased its investment in gold over the last few years and it has been revealed that it has purchased 130 tonnes in the first seven months of this fiscal year. The proportion of Gold in the Russian reserves has reached record levels of around 17% of the total foreign reserves.

Trade war between US and China festers, both countries impose 25% tax on trade worth $16 billion

Washington/Beijing: The United States has maintained its adamant stand by accepting the implementation of taxes on Chinese goods. By saying that China will retaliate against this, the Chinese commerce ministry announced taxation on the imports from the United States. US Secretary of Commerce, Wilbur Ross issued a stern warning that China should remember that the United States has more bullets than China for the Sino-US trade war. The United States and China have imposed reciprocal taxes on each other’s goods worth $100 billion and these are signs that the trade war will worsen further.

Iranian parliament dismisses Finance Minister, major upheaval expected in the near future

Tehran: US National Security Advisor has claimed that the US sanctions against Iran have proved to be more effective than expected. Now, the political repercussions are also being felt, following the financial ones. This is evident from the decision of the Iranian parliament to dismiss Finance Minister, Masoud Karbasian. Earlier this month, the Iranian parliament has removed the Labour Minister from his office. Whereas, in the month of June, President Rouhani had dismissed the chief of the Iranian Central Bank.

US reduces aid to Palestine by $ 200 million, Palestine alleges US of blackmailing

Washington/Ramallah: The United States has majorly reduced the financial aid to Palestine by $200 million. The State Department officials said that the cut in the aid was according to instructions from President Trump. Palestine has alleged that this action is blackmail and is in support of the Israeli plan to push the anti-peace agenda. US President Donald Trump had declared Jerusalem as Israel capital and shifted the US embassy there. There were severe reactions against this decision of the United States at the international level.

Tehran: Iran has declared complete control over the Persian Gulf and the Strait of Hormuz, the passage for about a third of the entire crude movement in the world. The Iranian navy chief threatened the United States, United Kingdom and France, that the presence of the foreign warships will not be tolerated in the region. The international crude oil market was under stress for some period after the Iranian announcement.

Washington/Taipei: The United States has taken an aggressive stand over El Salvador, a country in the US, severing its ties with Taiwan, succumbing to the Chinese pressure. The United States has accused China of interfering in the central American countries and also issued a warning to the El Salvador government. With the El Salvador decision, the number of countries keeping ties with Taiwan has declined to 17. Two weeks ago, the Taiwanese President, Tsai Ing-wen visited Latin American countries including the United States.